Auto Insurance in India provides the insurance covers:
- Loss or damage caused to the automobile or its parts due to natural and man-made calamities.
- Accident cover for individual owners of the vehicle while driving.
- Passengers and third party legal liability in case of injury and death due to accident.
Documents are required for claiming Auto Insurance in India: –
- Duly signed claim form,
- Registration certificate copy of the vehicle,
- Driving license copy,
- FIR copy,
- Original estimate and policy copy.
The auto insurance does not include:
- Consequential loss, depreciation, mechanical and electrical breakdown, failure or breakage.
- When vehicle is used outside the geographical area.
- War or nuclear perils and drunken driving.
Top Insurance Companies in India: -United India Insurance Ltd -New India Assurance -HDFC Ergo -ICICI Lombard -TATA AIG -Bharati Axa -Oriental Insurance -Mahindra Insurance -Future Generali -PNB Motor Status -Axis Motor Insurance
Human Population in India: 125 Crore
Insurance penetration: 0.6% that means 0.75 Crore vehicles are insured.
Motor premium amount in 2013: Rs.22000 Crore
In today’s world, insurance is such an integral part of financial decisions. Insurance provides important financial protection for a vehicle.
BUT YOU KNOW WHO INVENTED INSURANCE?: Benjamin Franklin